If your torn boot is still leaking oil then you may be able to coax some more life out of it. I did the split boot replacement three years ago and it is still completely tight and my axle shafts are fine. My old boot was torn but still slinging oil and hadn't injested any dirt so the shaft and CV joint were still in good shape. Given the low cost of the split boot and the relative ease of replacing them I'd definitely recommend trying the boot replacement first. The split boots work fine but you've got to be REALLY careful to keep everything clean and the seam oil free when you glue it. For more info do a seach using LRG and axle and you'll find my post from about three years ago. Rebuilt shafts may be cheap but I'd rather keep the originals in place if they're still sound. In general my luck with rebuilts has been spotty at best.

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LRG
1987 300D Turbo 175K
2006 Toyota Prius, efficent but no soul
1985 300 TDT(130K miles of trouble free motoring)now sold